- Afternoon Must-Read: Bob Laszewski: Halbig Decision Puts Obamacare Back on the Menu | Washington Center for Equitable Growth
- The 4th Circuit Bigfoots the Republican DC Panel's Attempt to Win the Day with Its Anti-ObamaCare Decision... | Washington Center for Equitable Growth
- Investment in Equipment (and Software): What Are Neil Irwin and Tyler Cowen Thinking? Tuesday Focus: July 22, 2014 | Washington Center for Equitable Growth
- Morning Really Must-Read: Nicholas Bagley: ObamaCare and Halbig: What Does This Morning's Decision Mean? | Washington Center for Equitable Growth
- Morning Must-Read: Robert Waldmann: Anchored Perceived Inflation, or How Fox News Helped Obama | Washington Center for Equitable Growth
- Morning Must-Read: Scott Lemieux: The Teleological Fallacy | Washington Center for Equitable Growth
- Nick Bunker: The curious incidence of the corporate income tax | Washington Center for Equitable Growth
- @shaneferro: Today is full of much-needed explainer journalism takedowns.
- .@shaneferro I need an explainer to explain the various explainer journalism takedowns. Can U provide 1?
- @shaneferro: @delong When you try to provide nuanced statistical analysis quickly and cheaply for a mass audience often it comes out pretty sloppy.
- .@shaneferro & so it’s better to report one probably-unrepresentative anecdotal case that you can (sometimes) thickly-describe?
- @shaneferro: @delong No, and the argument isn't that explainer or data journalism is bad, just that a lot of the posts from the new sites have been bad
- @shaneferro: @delong Tl;dr the new sites overpromised and underdelivered, which I largely agree with.
- @shaneferro: @delong But the solution isn't going back to the old model. The new sites just need to get better.
- @BenDWalsh: @shaneferro @delong Also: "all you need to know" is a reductionist cliche , but the information contained in said posts can be informative
- Edpilkington: Top US judge calls for return of firing squad - no really!
- .@Edpilkington @moorehn Is the firing-squad federal judge also the nude-women-painted-to-look-like-cows judge?
- @moorehn: @delong @Edpilkington if only. history is never that kind to us
- @TeamAir:** @delong Yes. Was in my law school class.
- @dmarron: Are there any ACA opponents who disagree with Halbig ruling? ACA proponents who agree? Policy views need not = legal views.
- .@dmarron I think John Roberts is an ACA opponent who disagrees with the Halbig ruling…
Nicholas Bagley: The government may have lost in D.C., but it just won in the Fourth Circuit: "Just hours after the D.C. Circuit invalidated an IRS rule extending tax credits to federally established exchanges, the Fourth Circuit issued an opinion upholding the very same rule.... In the Fourth Circuit’s view, the relevant ACA language—the language that pins the calculation of tax credits to the cost of a plan purchased on an exchange that was 'established by the State under 1311'--is 'ambiguous and subject to multiple interpretations'.... The context... cuts against the challengers’ interpretation.... In the court’s view, 'it makes sense to read § 1321(c)’s directive that HHS establish "such Exchange" to mean that the federal government acts on behalf of the state when it establishes its own Exchange'.... At the end of the day, the court said that it could not definitively 'discern whether Congress intended one way or another to make the tax credits available on HHS-facilitated exchanges'. As such, the court reasoned, under basic principles of Chevron deference, the IRS’s interpretation of the ambiguous statute was owed deference. That’s especially so, the court reasoned, since 'the plaintiffs do not dispute that the premium tax credits are an essential component of the Act’s viability'..."
Mary Daly and Bart Hobijn: Downward Nominal Wage Rigidities Bend the Phillips Curve: "Both the slope and curvature of the Phillips curve depend on the level of inflation and the extent of downward nominal wage rigidities.... Downward nominal wage rigidities likely have played a role in shaping the dynamics of unemployment and wage growth during the last three recessions and subsequent recoveries."
Brianna Cardiff-Hicks et al.: Do Large Modern Retailers Pay Premium Wages?: "With malls, franchise strips and big-box retailers increasingly dotting the landscape, there is concern that middle-class jobs in manufacturing in the U.S. are being replaced by minimum wage jobs in retail. Retail jobs have spread, while manufacturing jobs have shrunk in number. In this paper, we characterize the wages that have accompanied the growth in retail. We show that wage rates in the retail sector rise markedly with firm size and with establishment size. These increases are halved when we control for worker fixed effects, suggesting that there is sorting of better workers into larger firms. Also, higher ability workers get promoted to the position of manager, which is associated with higher pay. We conclude that the growth in modern retail, characterized by larger chains of larger establishments with more levels of hierarchy, is raising wage rates relative to traditional mom-and-pop retail stores..."
Josh Barro: Not Everyone Is Addicted to Inflation: "The fight over monetary policy is rather similar to the fight over Common Core curriculum standards. These reforms, born out of a years-long bipartisan consensus process and supported by policy wonks on both sides of the aisle, have become the latest object of conservative opposition now that President Obama is taking credit for them. The obvious move for a Republican politician wishing to please the conservative base is to oppose Common Core.... Bobby Jindal... who listed Common Core as a plank of his education reform agenda in 2012, is now an ardent foe. Yet withdrawing from Common Core has proved surprisingly hard, even in places where Republicans control all branches of government.... Look at Wisconsin. Gov. Scott Walker has decided he wants out of Common Core. But Common Core opponents have run into a roadblock in the form of the Republican chairmen.... It’s one thing to oppose Common Core when your career is not steeped in education policy; it’s another thing to throw away years of work toward a policy you’ve long thought was good. On inflation, as on curriculum, the conservatives who matter most have been generally able to resist the demands of their base."
Ryan Sweet and Adam Ozimek: The U.S. Labor Market's Chicken-Egg Dilemma: "Policymakers can approach the situation in several ways. One would be to assume that labor force participation will not respond to wage growth... and unless the Fed raises rates soon inflation will accelerate. Second, they can assume the labor force will respond... and simply wait for that to happen, holding to the current course of near-zero interest rates.... A third approach would focus on productivity growth, which could remain suppressed by underinvestment over the next couple of years. This would hurt wages and thus keep many out of the labor force longer. Since higher interest rates would likely undermine investment, the Fed should be patient. One advantage of the wait-and-see approach is that will at least allow economists and policymakers to see which story is correct.... In contrast, acting now by raising rates will leave the answer unknown to the structural-versus-cyclical question..."
And Over Here: